Analysis of the Bitcoin price Sunday, April 22, 2018

The price of Bitcoin today, Sunday 22, reports an increase of 1.94%, raising the price above $ 8,900 with a high probability of exceeding $ 9,000.

Highlights

  • The price of Bitcoin rose higher and moved above a higher resistance at $ 8,500 against the US dollar.
  • An upward trend line of connection with support is forming at $ 8,650 on the 4 hour chart of the BTC / USD pair.
  • The pair is currently consolidating above $ 8,600 and prepared to obtain more gains in the short term.

The price of Bitcoin is back in an uptrend above $ 8,000 against the US dollar. BTC / USD will probably extend profits above $ 9,000 in the short term.

Bitcoin price support

Last week, there was a solid base of support formed about $ 7,800 in Bitcoin price against the US dollar. The price started a bullish move and broke the $ 8,500 resistance. It was an important movement that boosted the price in a bullish wave towards the $ 9,000 level. Negotiated up to $ 9,080 before the sellers appeared. Later, a lower downward correction was initiated below $ 9,000.

The BTC price proved the 23.6% retracement level of the last wave, from the minimum of $ 7,828 to the maximum of $ 9,080. However, the downward movement seems to be limited by the $ 8,700 level. A rising uptrend line with support at $ 8,650 is also forming on the 4-hour chart of the BTC / USD pair. In addition, the Fibonacci retracement level of 38.2% of the last wave from the minimum of $ 7,828 to $ 9,080 is $ 8,602. Therefore, there are many supports along the way up to $ 8,600. In addition, the previous resistance at $ 8,500 may perhaps act as strong support.

If we look at the chart, there is an important uptrend above the support of $ 8,500. Once the current correction phase is over, the price will probably rebound to $ 9,000. Above the $ 9,000 indicated, the price could even prove the $ 10,000 al-important level.

Technical indicators

  • MACD of 4 hours: the MACD for BTC / USD is slightly in the bullish zone.
  • 4 hours RSI (relative strength index): the RSI moves lower from level 80.
  • Main support level: $ 8,500
  • Highest resistance level – $ 9,000